BAKU, Azerbaijan, October 7. Prices on Baku's secondary housing market continue to decrease year on year, Director of the MBA Consulting Group company Nusrat Ibrahimov told Trend.
"In August 2022, house prices in the capital's secondary market dropped by 0.43 percent against the same period of 2021 and increased by 1.67 percent compared to the previous month. In the reporting month, the cost per square meter in the secondary housing market amounted to 1,639 manat ($964.14), while in 2021 it totaled 1,646 manat ($968.26), and in July 2022 stood at 1,612 manat ($948.26)," Ibrahimov said.
According to him, the country saw a rise in the primary housing prices.
"During this time, the primary housing prices of Baku reached 1,591 manat ($935.9) per square meter, growing by 4.53 percent against the previous month (1,522 manat or $895.32), and edged up by 11.41 percent year on year (1,428 manat or $840.02)," Ibrahimov stated.
Moreover, the country's real estate prices are expected to rise in October 2022, the director added.